GP Bullhound advised Epiris on its acquisition of Winterflood Business Services
GP Bullhound has acted as financial advisor to Epiris, the UK private equity firm, on the acquisition of Winterflood Business Services (“WBS”) from Marex Group plc. WBS is the UK market leader in exchange-traded dealing and custody for retail wealth platforms, and this acquisition accelerates its transformation into a fully independent, technology-led financial infrastructure business.
Founded within Winterflood Securities in 2010, WBS has built a leading position in the UK wealth management infrastructure market. Its proprietary EOS technology platform delivers execution, custody, and reporting solutions to many of the UK’s most recognised wealth and retail investment platforms, including Fidelity, Transact, and Vanguard. With over £17.5 billion in assets under administration, WBS serves a broad and growing client base spanning institutional wealth managers, retail investment platforms, and brokerage firms.
WBS operates in a market benefiting from powerful structural tailwinds — the accelerating shift from mutual funds to exchange-traded products and the continued trend towards outsourcing trading and custody infrastructure. As an independent business under Epiris’ ownership, WBS is well-positioned to deepen its offering and extend its reach beyond its existing UK client base.
The acquisition by Epiris forms part of a carefully structured transaction in which Marex Group plc simultaneously completed its acquisition of Winterflood Securities from Close Brothers and agreed to sell WBS to Epiris Fund III. Marex will retain the Winterflood market-making and corporate broking activities, along with the Winterflood brand, while WBS is established as a standalone, purpose-built wealth infrastructure platform under dedicated private equity ownership. The sale of WBS completed on 1st June 2026. Epiris brings a demonstrable track record of transforming complex corporate carve-outs into high-growth independent businesses. Alex Kerry will continue to lead WBS as Chief Executive Officer alongside the existing management team.
“GP Bullhound’s deep subsector expertise in UK wealth technology and their detailed knowledge of the strategic landscape were invaluable throughout this process. Their understanding of the key value drivers within WBS and the broader sector gave us real confidence in our investment thesis. The team were a pleasure to work with — collaborative, responsive, and genuinely insightful advisers at every stage.”
Owen Wilson, Partner, Epiris
“Congratulations to Epiris, Alex and the team the acquisition of WBS. WBS has built a unique proposition and position in the market and we fully support both the technology thesis and market opportunity that will enable WBS to scale significantly with Epiris’s support. This transaction further cements GP Bullhound’s expertise in Wealth Technology and the broader FinTech Infrastructure space with GP Bullhound having advised on 250+ transactions in financial technology and adjacent sectors.”
Matt Stamp, Partner, GP Bullhound
About Winterflood Business Services
Winterflood Business Services (WBS) is a leading provider of trading and custody solutions to the UK wealth management industry. Founded in 2010 as a division of Winterflood Securities, WBS has grown to serve over £17.5 billion in assets under administration across a diverse base of wealth managers, retail investment platforms, and brokerage clients. Its proprietary EOS technology platform provides best-in-class execution, custody, and reporting, serving clients including Fidelity, Transact, and Vanguard. For more information, visit www.winterfloodbusiness.com.
About Epiris
Epiris is a UK private equity firm that acquires, builds, and transforms technology and technology-enabled businesses. Epiris Fund III targets control positions in UK and international businesses with an enterprise value of £75–750 million, deploying £50–250 million of equity per investment. Epiris’ current portfolio includes Amber Taverns, Pure Cremation, Delinian, Inchcape Shipping Services, and Sepura, among others. For more information, visit www.epiris.co.uk.
About Marex Group plc
Marex Group plc (NASDAQ: MRX) is a diversified global financial services platform providing essential liquidity, market access, and infrastructure services to clients across energy, commodities, and financial markets. The Group provides comprehensive coverage across Clearing, Agency and Execution, Market Making, and Hedging and Investment Solutions, with access to 60 exchanges and more than 40 offices worldwide. Marex employs over 2,400 people across Europe, Asia, and the Americas. For more information, visit www.marex.com.
About GP Bullhound
GP Bullhound is a leading technology advisory firm, providing transaction advice to the world’s best entrepreneurs. Founded in 1999, the firm has 11 offices across Europe, the US, and Asia. Learn more at gpbullhound.com.
Enquiries
For enquiries, please contact:
Matt Stamp, Partner at GP Bullhound
matt.stamp@gpbullhound.com | +44 775 349 7157
